Oman-Russia economic ties grow as bilateral trade quadruples, exports jump tenfold in 2026

Reshetnikov urged Omani businesspeople to explore investment opportunities in Russia and help build successful economic partnerships (Image: ONA) Economic ties between the Sultanate of Oman and Russia have seen remarkable growth in recent years, with trade exchange volumes rising sharply. Bilateral trade quadrupled during the first months of 2026, while Russian exports to Oman increased tenfold, said Maxim Reshetnikov, Russian Economic Development Minister. According to the latest statistics issued by the National Centre for Statistics and Information for 2026, the total value of Oman's imports from Russia reached approximately OMR87.9 million, while the value of Omani exports to Russia stood at OMR2.95 million. Consequently, the total volume of trade exchange between the two countries amounted to OMR90.8 million, reflecting the existence of promising opportunities to enhance the trade balance and develop economic relations during the coming period. In an interview with ONA, Reshetnikov said that Russian exports help strengthen Oman's food security through wheat and barley supplies, alongside other products that allow Russian companies to compete effectively in the Omani market. Russia, in turn, imports chemical products and petroleum derivatives from Oman, and high‑quality Omani perfume is gaining growing popularity in the Russian market, the minister added. He also noted that Russia recognizes its attractiveness as an economic partner, possessing an open and competitive economy that ranked fourth globally in 2025 according to data from the International Monetary Fund (IMF), Reshetnikov said. Despite challenges, GDP growth exceeded 10 percent over the 2023‑2025 period -- outpacing many G20 countries -- reflecting Russia's status as a reliable partner for long‑term economic cooperation. In addition, he affirmed that the Sultanate of Oman is an important investment partner, with joint projects underway in logistics, finance, information technology and agriculture. Russia is particularly focused on technology development through an integrated support system including startup grants, tax incentives, concessional financing and help with market listings. The minister added that energy is a priority, both in oil and gas and in renewables. Russia has advanced expertise in building and modernizing energy infrastructure, and as Oman moves towards solar, wind and green hydrogen, Russia can offer innovative solutions, including artificial intelligence for urban planning, water management and climate monitoring. In food security, Reshetnikov said Russia aims to increase exports of grains, poultry and food products, while strengthening cooperation in fisheries and fish processing. In education, he added that Russia offers a globally respected learning environment at a lower cost than Europe, with opportunities for academic cooperation and attracting Omani students. In healthcare, Russia has advanced expertise, particularly in treating complex diseases, and is ready to establish joint research and medical centres and promote medical tourism. He further said that tourism is one of Russia's fastest‑growing sectors, with the government planning to invest over 450 billion roubles by 2030. A visa‑waiver system introduced last July has increased Russian tourists to Oman by 13 percent, while the number of Omani tourists to Russia has doubled. Direct flights between Muscat and Sochi have also been launched, and tailored tourism products for Arab travelers are being developed under the "Discover Russia" brand, alongside advanced tourism infrastructure and investment opportunities for Omani investors. Read: Saudi Crown Prince reviews a decade of Vision 2030 achievements as it enters third phase Reshetnikov urged Omani businesspeople to explore investment opportunities in Russia and help build successful economic partnerships. Russia offers long‑term financing, concessional loans and government support for infrastructure development. Business environment reforms have simplified procedures, reduced restrictions, enhanced transparency and introduced an integrated digital platform to support small and medium enterprises, as well as special economic zones attracting investors from more than 30 countries. A "golden visa" system introduced in 2023 allows foreign investors to obtain residency easily.